Par Pacific (NYSE:PARR) Stock Price Down 9.2% - Here's Why

Key Points

• Par Pacific Holdings, Inc. (NYSE:PARR) saw its share price decline by 9.2% during trading, dropping to $27.67 from a previous close of $30.48.
• Analysts have mixed opinions on PARR, with one report increasing the price target to $38.00 while another downgraded it to $19.00, resulting in a consensus rating of "Hold" and a target price of $26.68.
• The company reported strong earnings of $1.54 EPS for the last quarter, significantly exceeding estimates, despite a 6.2% year-over-year decrease in revenue.

Par Pacific Holdings, Inc. (NYSE:PARR - Get Free Report)'s share price dropped 9.2% during trading on Wednesday . The company traded as low as $27.51 and last traded at $27.67. Approximately 724,845 shares changed hands during trading, a decline of 47% from the average daily volume of 1,373,882 shares. The stock had previously closed at $30.48.

Wall Street Analyst Weigh In

PARR has been the subject of a number of analyst reports. Piper Sandler lifted their price objective on Par Pacific from $26.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. The Goldman Sachs Group lowered Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 target price on the stock. in a report on Wednesday, May 28th. Wall Street Zen lowered Par Pacific from a "hold" rating to a "sell" rating in a report on Friday, June 6th. UBS Group reduced their target price on Par Pacific from $20.00 to $14.75 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Mizuho set a $34.00 target price on Par Pacific and gave the stock a "neutral" rating in a report on Friday, July 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $26.68.

Par Pacific Trading Down 10.1%

The company has a market capitalization of $1.41 billion, a P/E ratio of -24.21 and a beta of 1.83. The business has a fifty day moving average price of $28.31 and a 200 day moving average price of $20.03. The company has a quick ratio of 0.54, a current ratio of 1.56 and a debt-to-equity ratio of 1.04.

Par Pacific (NYSE:PARR - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.80. Par Pacific had a negative return on equity of 5.87% and a negative net margin of 0.77%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter in the prior year, the company posted $0.49 earnings per share. Par Pacific's revenue was down 6.2% on a year-over-year basis. On average, analysts expect that Par Pacific Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of Par Pacific

Institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. bought a new stake in Par Pacific during the first quarter worth about $194,000. Allspring Global Investments Holdings LLC raised its holdings in Par Pacific by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 18,601 shares of the company's stock worth $265,000 after acquiring an additional 6,522 shares in the last quarter. GAMMA Investing LLC increased its position in Par Pacific by 352.7% during the first quarter. GAMMA Investing LLC now owns 7,556 shares of the company's stock worth $108,000 after buying an additional 5,887 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new position in Par Pacific during the first quarter worth approximately $219,000. Finally, GF Fund Management CO. LTD. acquired a new position in Par Pacific during the fourth quarter worth approximately $286,000. Institutional investors own 92.15% of the company's stock.

About Par Pacific

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.

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